Professional Documents
Culture Documents
101
AGENDA
• Financial Reporting
• Special Considerations for Florida School Districts
HISTORICAL PERSPECTIVE OF
GOVERNMENTAL ACCOUNTING
• How did we begin governmental accounting?
• Created by financial statement preparers and the first group was the Municipal
Finance Officers Association (MFOA) which later became the Government
Finance Officers Association (GFOA). This organization created what
eventually became the National Council on Governmental Accounting
(NCGA).
• Mid-1930s the first “Blue Book” (Governmental Accounting, Auditing, and
Financial Reporting (GAAFR) was issued and was generally considered
generally accepted accounting principles (GAAP) for governments.
HISTORICAL PERSPECTIVE OF
GOVERNMENTAL ACCOUNTING
• FAF (Financial Accounting Foundation) created the Governmental
Accounting Standards Board (GASB) in 1984 which replaced the
NCGA in setting accounting principles for governments.
• GASB is composed of 7 members with various backgrounds
including state and local governments, public accounting,
academe, and user groups.
• NCGA Statement #1 was incorporated into Governmental
Accounting and Financial Reporting by GASB as GAAP.
HISTORICAL PERSPECTIVE OF
GOVERNMENTAL ACCOUNTING
• Taxpayers
• Citizens
• Creditors
• Legislative bodies
• Grantors
• Management
• Rating agencies such as Moody’s and Fitch
FUND ACCOUNTING
• Governmental accounting systems should be organized and
operated on a fund basis. A fund is defined as a fiscal and
accounting entity with a self-balancing set of accounts recording
cash and other financial resources, together with all related
liabilities and residual equities or balances, and changes therein,
which are segregated for the purpose of carrying on specific
activities or attaining certain objectives in accordance with special
regulations, restrictions, or limitations.
FUND ACCOUNTING
• Transmittal Letter
• Auditor’s Report on Financial Statements
• Management Discussion and Analysis
• Basic Financial Statements
• Notes to Financial Statements
COMPREHENSIVE ANNUAL FINANCIAL
REPORT (CAFR)
• Supplemental Information
• Combining Statements
• Individual Fund Statements
• Budget to Actual Statements
COMPREHENSIVE ANNUAL FINANCIAL
REPORT (CAFR)
• Statistical Section
• Financial Trends
• Revenue Capacity
• Debt Capacity
• Demographic and Economic Information
• Operating Information
SPECIAL CONSIDERATION FOR FLORIDA
SCHOOL DISTRICTS
• Role of FDOE
• School districts
• Component units
• Blended
• Discretely presented
SPECIAL CONSIDERATION FOR FLORIDA
SCHOOL DISTRICTS
• Revenue Sources
• Florida Education Finance Program (FEFP) funds
• Based on FTE
• Weighted based on student services provided
• Local property taxes
• Federal through State funds
• Awarded through FDOE
• CARDS
• Food Service Program
SPECIAL CONSIDERATION FOR FLORIDA
SCHOOL DISTRICTS
• Revenue Sources
• Other State Sources
• Food Service operations
• Impact Fees
• Medicaid
• Sales Tax
SPECIAL CONSIDERATION FOR FLORIDA
SCHOOL DISTRICTS
• Expenditure
• Based on “Red Book”
• Other Financing uses
• Transfers Out
• Payments to Escrow Agent
SPECIAL CONSIDERATION FOR FLORIDA
SCHOOL DISTRICTS
• Grantor Requirements
• FDOE’s Green Book
• Uniform Administrative Requirement
INTERNAL CONTROLS
• Management’s responsibility to design internal controls
• COSO (Committee of Sponsoring Organizations of the Treadway
Commission) Internal Control Framework
• Control Environment
• Tone at the top
• Risk Assessment
• Risk of material financial statement misstatement
• Control Activities
• Based on risk assessment
• Evaluate in light of cost/benefit
INTERNAL CONTROLS
• Information/Communication
• Who needs information and in what format
• Monitoring
• Who is going to monitor and what are they going to monitor
KEY DATES
• Monthly Activities
• Financial reports and budget amendments to the Board
• Bank reconciliations
• Closing journal entries (interest allocations, etc.)
• July – Tentative Budget and Preparing YE accruals and Journal Entries
• August – Final FA 399 for prior year
• September – AFR, Superintendent Report, Final Budget, Cost
Accounting Report
• October – Final Tax (DR-422)
• November - Cash Advance Recon, Public Depository Report
• January – Unclaimed Property, Sales Tax Use Return, W2s, 1099s
• April – Indirect Cost Rate Plan
AUDITS